公司自2013年以来一直根据于2019年5月29日订立且现时有效的租赁协议租赁分区一。分区一用作本公 司于米兰的营运总部，包括办公室、实验室及服务区，负责零售、营销及其他公司职能和活动。分区二 目前尚未开发，因而可供未来城市及房地产开发。 格隆汇11月19日丨普拉达(01913.HK)发布公告，2025年11月18日，公司与Ludo Due S.r.l.订立该协议，据 此，公司购入及Ludo Due S.r.l.出售该物业，代价为6658.8万欧元。 该物业位于受到先前称为"Scalo di Porta Romana"的大型重建及城市更新项目所影响的区域。该项目包 括开发2026年米兰－科尔蒂纳冬奥会的奥运村、兴建新的住宅及办公大楼以及打造一个预期将兼顾重大 环境影响与强烈视觉冲击的大型公园。值得注意的是，于2015年完成的Prada基金会项目已对周边区域 产生重大正面影响，对周边区域的复兴及Covivio完成"共生(Symbiosis)"发展均作出贡献。其他领先的奢 侈品企业亦已于该区域进行投资及设立新总部。 该物业为位于Via Orobia 3, Milan, Italy的一幅面积约1.48万平方米的土地 ...

Core Insights - The article highlights the successful planning and revitalization of the Modekou Historical and Cultural District in Beijing, which won the first prize for excellent land space planning in 2025, emphasizing the balance of protection and development [1][4][16] Planning and Development - The Modekou Historical and Cultural District serves as a key cultural heritage site, featuring significant historical buildings and monuments, but faced challenges such as aging infrastructure and safety hazards prior to its renovation [3][4] - The planning approach transitioned from a focus solely on preservation to a dual emphasis on protection and development, establishing a comprehensive planning framework that includes core protection areas and development guidelines [4][9] Community Involvement - A multi-stakeholder governance model was implemented, involving government, residents, and social entities to ensure effective planning and execution, allowing residents to participate actively in the planning process [5][6] Regional Coordination - The planning strategy adopted a regional perspective, addressing broader issues such as traffic congestion and resource allocation beyond the district itself, leading to a more integrated urban development approach [9][10] Cultural and Ecological Integration - The district's planning integrates cultural preservation with ecological considerations, promoting a harmonious relationship between urban development and natural ecosystems [12][13] - The revitalization efforts have transformed the area into a vibrant cultural and commercial hub, attracting significant tourist traffic and enhancing local economic activity [7][14] Future Directions - The district aims to continue its planning initiatives focusing on underground space development, industrial transformation, and enhancing public services, ensuring that urban renewal aligns with community needs and historical context [17][18][20]

Core Viewpoint - Prada has announced the acquisition of a property from Ludo Due S.r.l. for €66.588 million, located in a significant urban redevelopment area in Milan, which is expected to enhance the company's operational efficiency and strategic positioning in the luxury market [1][2]. Group 1: Acquisition Details - The property spans approximately 14,800 square meters and is part of a larger redevelopment project known as "Scalo di Porta Romana," which includes the development of the Olympic Village for the 2026 Milan-Cortina Winter Olympics and new residential and office buildings [1]. - The acquisition price is set at €66.588 million, indicating a strategic investment in a high-value area [1]. Group 2: Strategic Implications - The company has been leasing part of the property since 2013, which serves as its operational headquarters in Milan, including offices, laboratories, and service areas [1]. - The second part of the property is currently undeveloped, presenting future opportunities for urban and real estate development [2]. - The proposed project aims to consolidate several existing Milan offices and showrooms into one location, thereby improving operational efficiency and strengthening the company's presence in this strategic area [2]. - The acquisition is viewed as a significant opportunity to secure prime real estate in a region undergoing important urban development and value growth, where suitable real estate assets are expected to become increasingly scarce [2].

Group 1 - The company Prada has entered into an agreement with Ludo Due S.r.l. to purchase a property for €66.588 million, located in Milan, Italy, covering an area of approximately 14,800 square meters [1][2] - The property is situated in an area affected by the "Scalo di Porta Romana" redevelopment project, which includes the development of the Olympic Village for the 2026 Milan-Cortina Winter Olympics, new residential and office buildings, and a large park [1][2] - The company has been leasing part of the property since 2013, which serves as its operational headquarters in Milan, including offices, laboratories, and service areas for retail and marketing functions [1] Group 2 - The second part of the property is currently undeveloped, presenting future urban and real estate development opportunities [2] - The company intends to potentially develop the acquired property into a new headquarters, consolidating several existing offices and showrooms in Milan to enhance operational efficiency and strengthen its position in the strategic area [2] - The acquisition represents a significant opportunity for the company to secure prime real estate in a region undergoing important urban development and value growth, where suitable real estate assets are expected to become increasingly scarce [2]

2025.11. 18 本文字数：4486，阅读时长大约7分钟 第一财经记者在黄兴路1039弄小区内走访看到，拆除重建区域正在封闭施工，护栏上张贴的《告居 民书》显示，打桩施工已于2025年7月到10月完成。 陈颖介绍，黄兴路1039弄项目10年前曾启动过一轮。当时由于拆除重建方案没有达到签约生效比 例，就搁置了。"在同期几个项目的推进过程中，我们发现，最难的就是拆除重建方案要让居民都能 接受。"陈颖说，该项目这次重新启动，他们重点聚焦了方案设计，一方面着重规划条件、房屋重建 要求；一方面着重居民需求，不断与居民座谈，向小区居民做好方案宣传和解释工作。 作者 | 第一财经 杨志 邹臻杰 在接续30多年努力，完成成片二级旧里改造、解决集中成片"拎马桶"问题的基础上，又经过3年攻坚 战，2025年9月，上海"拎马桶"改造总体完成。 做饭"抢灶台"、如厕跑楼外、排队倒马桶等上海老弄堂景象，逐渐成为历史。而关于马桶的记忆变 迁，不仅考验这座国际化大都市的治理决心和智慧，也成为上海"投资于人"的温暖实践。 最难的就是方案要让居民都能接受 "从上世纪90年代开始，上海已经开始推进旧城区改建。"上海杨浦区住宅更新发展中心主 ...

Core Viewpoint - Zhejiang Construction Investment Group Co., Ltd. (referred to as "Zhejiang Jian Tou") has provided a detailed response regarding the acquisition of minority stakes in its subsidiaries, emphasizing compliance and operational status of the target assets [1][2]. Group 1: Compliance and Financial Structure - The investment from Guoxin Jian Yuan Fund does not constitute "equity disguised as debt," and the accounting treatment aligns with enterprise accounting standards [2][3]. - The fund's investment was made through a public listing process, with share prices based on assessed values, and the fund has significant influence over the subsidiaries' management [2][3]. - The accounting treatment includes recognizing the investment as equity and potential buyback obligations as financial liabilities, which is compliant with regulatory standards [2][3]. Group 2: Acquisition Necessity - The acquisition involves purchasing 13.05%, 24.73%, and 24.78% stakes in Zhejiang Yi Jian, Zhejiang Er Jian, and Zhejiang San Jian, respectively, converting them into wholly-owned subsidiaries [3]. - Post-acquisition, the net profit attributable to the parent company is projected to increase by 19.13% to 995 million yuan, with a reduction in the debt-to-asset ratio from 92.13% to 90.84% [3]. - The acquisition aligns with national policies aimed at reducing leverage, with the subsidiaries' average debt-to-asset ratio decreasing by approximately 5 percentage points since 2020 [3]. Group 3: Operational Challenges and Resilience - The subsidiaries are experiencing revenue and profit declines due to market adjustments and increased competition, with projected revenue drops of 10.51% and 15.06% for Zhejiang Er Jian and Zhejiang San Jian, respectively [4]. - Despite challenges, there are positive indicators with new contract signings showing significant growth, particularly in public construction and smart building sectors [4]. - The subsidiaries' order backlog and new contracts suggest a potential recovery as urban renewal policies and large-scale projects are implemented [4]. Group 4: Customer and Supplier Risk Management - The major clients of the subsidiaries are primarily state-owned enterprises, with accounts receivable provisions in line with industry standards [5][6]. - Supplier relationships are stable, with procurement processes conducted through public bidding, ensuring competitive pricing [5][6]. - The independent financial advisor and accountants have confirmed that the transaction meets regulatory requirements and that there are no significant liquidity risks associated with the target assets [6].

"投资于人"里，孕育着城市现代化的内涵 在接续30多年努力，完成成片二级旧里改造、解决集中成片"拎马桶"问题的基础上，又经过3年攻坚战，2025年9 月，上海"拎马桶"改造总体完成。 做饭"抢灶台"、如厕跑楼外、排队倒马桶等上海老弄堂景象，逐渐成为历史。而关于马桶的记忆变迁，不仅考验 这座国际化大都市的治理决心和智慧，也成为上海"投资于人"的温暖实践。 最难的就是方案要让居民都能接受 "从上世纪90年代开始，上海已经开始推进旧城区改建。"上海杨浦区住宅更新发展中心主任陈颖对第一财经回顾 说，通过三十多年时间，总体完成了 "拎马桶"改造。"杨浦区的改建跟着市委、市政府的整体节奏步步推进，同 时在部分地区试点，希望能为上海市房屋改造提供一些示范案例。" 杨浦区是老工业转型城区，曾是二级以下旧里最为集中的中心城区，总量占到全市的三分之一，还有着不少上世 纪50至70年代建设的工人新村、不成套或无卫生设施职工住宅。 由于许多上海早期建筑未设计独立卫生间，居民需使用木质马桶并定期倒便。"倒马桶"成为大多数居民几十年的 日常。能写"下只角"里拎马桶、也能写"上只角"里喝咖啡的海派作家程乃珊，曾将杨浦形容为"穷街"，也曾在 ...

Core Points - The meeting emphasized the importance of implementing the spirit of the Central Urban Work Conference and focusing on the construction of "five centers" to promote high-quality urban development and sustainable urban renewal [1][2][3] - The city aims to enhance its global influence as a modern socialist metropolis and play a leading role in China's modernization [1][2] Urban Development Strategy - The city will adopt a systematic approach to urban function layout, emphasizing planning and a multi-centered, compact spatial structure [2] - Coordination between central urban areas and new cities will be prioritized, enhancing functional complementarity and service support [2] - The development of the Yangtze River Delta urban agglomeration and metropolitan areas will be promoted through collaborative transportation and infrastructure initiatives [2] Quality of Life Improvement - Enhancing urban living quality and increasing public welfare are key priorities, including the construction of safe, comfortable, and green housing [4] - The city will focus on community development, integrating essential services within a 15-minute living circle [4] - Efforts will be made to promote green and low-carbon transformation, including the development of green industries and transportation [4] Governance and Management - The city will innovate governance concepts and methods, advancing digital and intelligent urban management [5] - A three-year action plan for refined urban management will be implemented, emphasizing community participation in governance [5] - Strengthening urban safety and resilience through risk assessment and management will be a focus area [5] Implementation and Accountability - Local authorities and departments are urged to align with the city's modernization goals, ensuring high-quality development and effective governance [6] - A collaborative approach will be adopted to ensure policies are interconnected and effectively executed [6]

中国发展网 李揽月 记者朱波报道 为深入践行人民城市理念，在深学笃行"四个善作善成"中扎实办好民 生实事，推进城市内涵式发展，天津城投所属城更公司坚持党建引领，高位推进金钟河大街南侧片区城 市更新项目开发建设，全力打造城市更新片区新风貌、宜居宜业生活新样板，顺利推动完成项目规划范 围内位于东丽区域的全部老旧小区更新提升任务，以更健康、更安全、更宜居的更新成果，满足人民群 众对高品质生活的新期待。 配套完善增津彩，便民惠民聚温情。金钟项目自规划之初便坚持配套先行，以交通为经线、民生为纬 线，用配套设施的精密"针脚"织就城市锦绣。本次更新提升还同步完成大江路修缮、桂江路建设工作， 并持续推进赵沽里大街、上江北路等道路建设工作，切实解决原先路面排水不畅，雨天易淹泡，缺少照 明路灯、行道绿植等多年来困扰居民群众的出行难题，有效改善道路通行条件，提升区域交通界面，为 百姓带来实实在在的便利。此外，金钟项目还"见缝插绿"，完成赵沽里社区街角公园改造建设，并将持 续盘活更新区域内闲置地块、边角空地，把"零碎空间"改造为居民身边的"口袋公园"，同时注重功能适 配，根据群众需要，配置健身器材、休憩座椅，设置文化标识等设施，让城 ...

Core Viewpoint - The news discusses the compensation plan for the Guangzhou Racecourse land, which involves a compensation amount of approximately 10 billion yuan, highlighting the significance of this land in the context of urban redevelopment in Guangzhou [1][3]. Compensation Plan Details - The compensation plan involves a total land area of 362,000 square meters, with a total compensation amount of about 10 billion yuan, expected to be approximately 6.64 billion yuan after deducting taxes and necessary expenses [1][5]. - Shareholders will have the option to purchase the redeveloped "Racecourse land property" after receiving compensation [2]. Stakeholder Involvement - The plan will be discussed and voted on by all shareholders of the Shidong Eighth and Ninth Cooperative Economic Societies in Tianhe District on November 26, 2025 [4]. - Yuexiu Group has been confirmed as the main entity responsible for the land recovery and compensation payment [6][7]. Market Context - The Racecourse land is considered a "core treasure" in Zhujiang New Town, making it a lucrative investment opportunity for shareholders [3]. - The market anticipates that the starting price for the Racecourse land could be close to 20 billion yuan, significantly higher than the previous record of 11.755 billion yuan for the Poly Flour Factory land [13]. Development Potential - The total building area after land use adjustment is projected to reach 730,000 square meters, including 220,000 square meters for high-end residential and 500,000 square meters for commercial and educational facilities [13]. - The entry of high-end commercial projects, such as SKP, is expected to enhance the development value of the Racecourse land, positioning it as a key player in Guangzhou's market [15].